Revitalizing Downtowns and Main Streets Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 2410 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 2410 To amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 27, 2025 Mr. Carey (for himself, Mr. Gomez, Mr. Larson of Connecticut, Mr. Fitzpatrick, Ms. Sewell, Ms. Tenney, Mr. Beyer, Mr. Kustoff, Ms. Chu, Mr. Kelly of Pennsylvania, Mr. Panetta, Mrs. Miller of West Virginia, Mr. Davis of Illinois, Mr. Moore of Utah, Mr. Evans of Pennsylvania, Ms. Malliotakis, Mr. Suozzi, Mr. Moran, Mr. Boyle of Pennsylvania, Mr. LaHood, Ms. Sanchez, Mr. Miller of Ohio, Ms. Moore of Wisconsin, Mr. Amodei of Nevada, Mr. Schneider, Mr. Ciscomani, Mr. Horsford, and Ms. DelBene) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Revitalizing Downtowns and Main Streets Act''. SEC. 2. INVESTMENT CREDIT FOR CONVERSION OF NON-RESIDENTIAL BUILDINGS TO AFFORDABLE HOUSING. (a) In General.--Subpart E of part IV of subchapter A of chapter 1 of subtitle A of the Internal Revenue Code of 1986 is amended by inserting after section 48E the following new section: ``SEC. 48F. AFFORDABLE HOUSING CONVERSION CREDIT. ``(a) Allowance of Credit.--For purposes of section 46, the affordable housing conversion credit for any taxable year is an amount equal to 20 percent of the qualified conversion expenditures of the taxpayer with respect to a qualified af